Monthly Cryptocurrency News Summary June 2018
During this month, interesting things happened in the market and crypto environment. For example, the Federal Reserve Bank of St. Louis launched a crypto Index, the Securities and Exchange Commission said that Ether is not a security, and much more.
Coinbase, one of the most important platforms in the crypto world, uploaded a monthly summary on its blog. The company made a summary of the latest events in the space and how they could affect the markets.
The first thing that Coinbase mentioned is that the Supreme Court acknowledges Bitcoin for the first time in history. According to a dissenting opinion to WISCONSIN CENTRAL LTD. ET AL. v UNITED STATES, Supreme Court Justice Stephen Breyer said that ‘perhaps one day employees will be paid in Bitcoin or some other type of cryptocurrency.’ At the same time, he explained that nothing in the statute suggest that the meaning of the provision should be trapped in a monetary time wrap limited to the money used back in the 30’s.
The Federal Reserve Bank of St. Louis has also launched a cryptocurrency index that draws data from the Coinbase Index. The FRED added prices of different cryptocurrencies including Bitcoin, Bitcoin Cash, Ethereum and Litecoin. All the prices are updated daily and display information from 2014 until today.
Another important information, and maybe the most significant, is the fact that the SEC Corporate Finance Director, William Hinman, said that Ether is not a security. During the Yahoo Finance All Markets Summit, Mr. Hinman said:
“Putting aside the fundraising that accompanied the creation of Ether, based on my understanding of the present state of Ether, the Ethereum network and its decentralized structure, current offers and sales of Ether are not securities transactions.”
Keeping with the positive news, Stanford launched a blockchain research center that works in collaboration with the Ethereum Foundation. The main purpose of the Stanford Center for Blockchain Research (CBR) is to support the thriving ecosystem by developing new technologies needed to advance the field.
Facebook, one of the most used social media networks around the world, may be reversing a previous ban on cryptocurrency ads and content. Advertisers will have to be re-approved and the company will continue to prohibite ads that promote Initial Coin Offerings (ICOs) and Binary Options.
Additionally, the South Korean government has taken different steps to regulate crypto exchanges. The intention is to increase its support for the blockchain ecosystem. Moreover, the Korean Financial Intelligence Unit said that it will be supplying the same level of oversight and verification procedures to crypto exchanges.
Finally, Federal employees are now obligated to identify cryptocurrency holdings. Those who work in the executive brand and own crypto must disclose it.